Citigroup reiterated its Buy rating on Texas Instruments (NASDAQ: TXN) and raised its price target from $31 to $34.

Citigroup noted, "While TI's unchanged guidance is unlikely to inspire investors, we argue that indicators increasingly point to a more positive bias for "traditional chip stocks." Specifically, we are encouraged by green shoots of industrial demand improvement, below consumption chip shipments, and a green flashing estimate revision ratio for the group. To be sure, macro remains a noticeable uncertainty. But we believe risk/reward is leaning toward the long side and we advise clients to use pullbacks to initiate positions."